CAIRO – 24 March 2024: From July 2023 to March 21, 2024, the Suez Canal Economic Zone (SCZone) oversaw a significant volume of contracts within its industrial zones and ports. A total of 127 projects were initiated, attracting an investment of approximately $2.8 billion.
Out of these projects, 61 successfully obtained final approvals, showing a 49 percent foreign investment rate. Initial approvals were granted to 66 projects, with a foreign investment rate of 39 percent.
During a meeting with Prime Minister Mostafa Madbouly, SCZone Chairman Walid Gamal El-Din shared updates on the authority's progress.
Since January 2024, 37 projects have been undertaken, amounting to an investment cost of around $894 million.
Among these, 13 projects received final approval, while 24 projects received initial approval.
Throughout the period from July 2023 to March 21, 2024, the SCZone witnessed the establishment of 63 new companies, with 48.5 percent of their capital being of foreign origin.
Moreover, starting from the beginning of 2024 until now, an additional 20 new companies were established.
As part of the SCZone's commitment to improving Egypt's investment climate and fostering industrial localization and digital transformation, they introduced the E-tabadul platform.
The platform serves two primary purposes. Firstly, it facilitates the provision of local production requirements necessary for the manufacturing process.
Secondly, it promotes the intermediate and final products manufactured within the economic zone, aligning with Egypt's vision to localize industries, reduce imports, and boost exports.
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